ItBit Explores Adding Ether to Bitcoin Exchange

NEWSINBRIEF
Pete Rizzo
Jun 27, 2016 at 22:01 UTC  |  Updated  Jun 27, 2016 at 22:02 UTC

ItBit is considering whether to add support for ether, the native cryptocurrency of ethereum, to its digital currency exchange, according to its CEO.

In an interview last week, CEO Charles Cascarilla reported that itBit doesn't currently deal in ether via its exchange or over-the-counter trading offerings. However, he suggested this could change following moves from competitors Coinbase and Gemini, both of which recently added support for ether.

Cascarilla told CoinDesk:

"Clearly ethereum is trying to create more functionality and there are benefits and risks to doing that. [But] we've been looking at it."

Cascarilla cited the recent demise of the ethereum-based fund The DAO as a potential risk factor, though he said he doesn't think it "diminishes" the value of ether or ethereum itself.

The comments come as sources suggest itBit is increasingly focusing on blockchain post-trade solutions, and that more resources are being devoted away from its exchange operations.

According to data from Bitcoin Charts, itBit is currently fifth among USD bitcoin exchanges, reporting average 24-hour trade volumes of about 11,000 BTC, or just over $7m.

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